Temecula Valley Bancorp Inc. (OTCBB:TMCV) has announced that Net
income for the quarter ending June 30, 2005 was $3,943,041, a 49%
increase from the $2,646,626 earned in the same period last year.
Net income for the six months ending June 30, 2005, was $6,944,721
compared to $5,218,775 for the same period last year, a $1,725,946
or 33% increase. "We are pleased with the results," stated Stephen
H. Wacknitz, President/CEO, "considering that for 2005, principally
due to growth, the provision for loan losses was increased from
$750,000 last year to $1,642,900 this year, and Temecula Valley
Bank (the "Bank"), the principal subsidiary of Temecula Valley
Bancorp, Inc. (the "Company"), is in the process of opening full
service offices in Indian Wells and Carlsbad, as well as expanding
the SBA loan production office network." The net interest margin
for all of 2004 was 5.96% and has improved to 6.67% for the first
half of 2005 as the Federal Reserve Bank has continued to increase
the fed funds rate. Total assets increased 37%, from $527,793,743
at June 30, 2004, to $724,216,457 at June 30, 2005. Loans increased
40%, with construction loans increasing 84% and real estate secured
loans increasing 48%. Commercial loans showed a decrease of 20% and
SBA loans, which include both real estate secured as well as
commercial loans, decreased 8%. The large increase in construction
loans was due to increased tract housing construction, the addition
of the loan production office in San Rafael, and the general
overall robust real estate market in Southern California. Federal
funds sold increased from $15,600,000 on June 30, 2004, to
$27,420,000 on June 30, 2005. The allowance for loan loss increased
from $4,043,705 at June 30, 2004, to $7,839,179 at June 30, 2005, a
94% increase. The allowance for loan loss as a percent of loans was
0.90% at June 30, 2004, and 1.25% at June 30, 2005. Net charge-offs
were $166,255 for the first six months of 2005, compared to
$314,128 for the same period in 2004. Non-accrual loans (net of SBA
guarantees) were $3,229,889 at June 30, 2005, compared to
$1,283,703 at June 30, 2004. There was no other real estate owned
(OREO), net of SBA guarantees, as of June 30, 2005 compared to
$352,500 at June 30, 2004. For the twelve-month period from June
30, 2004, to June 30, 2005, fixed assets increased from $3,006,473
to $4,763,102 due to the addition of two full service offices and
several loan production offices. The SBA servicing assets increased
due to SBA 7A loan sales in the secondary market. Deposits
increased 42%, from $452,358,807 at June 30, 2004, to $643,773,990
at June 30, 2005. Continued expansion of business at the existing
and new branches, as well as various CD promotions has fueled the
deposit growth. Deposit growth is expected to be sufficient in the
near future to fund loan growth. Junior subordinated debt
securities increased $8,248,000 due to the net addition in
September 2004 of $8,000,000 of a trust preferred borrowing that
was transferred to the Bank as tier one capital, and is considered
tier one and tier two capital on a consolidated basis. Included in
other liabilities is a $616,000 reserve for undisbursed loans. The
related $129,000 expense for 2005 is reflected in other expense.
Shareholder equity increased from $36,910,393 at June 30, 2004 to
$50,483,783 at June 30, 2005 due to net income and the exercise of
stock options. The capital ratios remain strong, with the tier one
leverage ratio at 9.54%, the tier one risk based ratio at 9.40% and
the total risk based capital ratio at 11.08%, all easily above the
minimum to qualify as "well capitalized." The Bank was established
in 1996 and operates full service offices in Temecula, Murrieta,
Corona, Fallbrook, Escondido, Rancho Bernardo and El Cajon. The
Company was established in June 2002 and operates principally as a
holding company for the Bank. As a Preferred Lender (PLP) since
1998, the locally owned and operated Bank also has SBA loan
production offices in California, Colorado, Florida, Georgia,
Illinois, New Jersey, North Carolina, Ohio, and Texas. The
Company's common stock is quoted in the over the counter market and
trades under the symbol TMCV.OB. The Bank's website is at
www.temvalbank.com. Statements concerning future performance,
developments or events concerning expectations for growth and
market forecasts, and any other guidance on future periods,
constitute forward-looking statements that are subject to a number
of risks and uncertainties. Actual results may differ materially
from stated expectations. Specific factors include, but are not
limited to, the effect of interest rate changes, the ability to
control costs and expenses, the impact of consolidation in the
banking industry, financial policies of the United States
government, and general economic conditions. Additional information
on these and other factors that could affect financial results are
included in the Company's Securities and Exchange Commission
filings which can be accessed at www.sec.gov. -0- *T TEMECULA
VALLEY BANCORP INC. FINANCIAL DATA JUNE 2005 (UNAUDITED) (all
amounts in whole dollars except share and per share information)
June 30, June 30, Increase Increase 2005 2004 (Decrease) (Decrease)
------------ ------------ ------------ ---------- ASSETS Cash and
due from banks 11,013,343 15,935,851 (4,922,508) (31%) Federal
funds sold 27,420,000 15,600,000 11,820,000 76% Securities - held
to maturity 0 0 0 0% Loans 628,212,313 448,229,019 179,983,294 40%
Less allowance for loan losses (7,839,179) (4,043,705) 3,795,474
94% ------------ ------------ ------------ Loans, net 620,373,134
444,185,314 176,187,820 40% Federal Reserve & Home Loan Bank
stock, at cost 2,849,000 2,050,300 798,700 39% Other real estate
owned, net 0 1,410,000 (1,410,000) (100%) Bank premises and
equipment, net 4,763,102 3,006,473 1,756,629 58% SBA-loan servicing
I/O strip receivable 23,479,641 21,689,271 1,790,370 8% SBA-loan
servicing asset 8,102,773 6,944,100 1,158,673 17% Cash surrender
value life insurance 13,469,824 7,661,929 5,807,895 76% Other
Assets 12,745,640 9,310,505 3,435,135 37% ------------ ------------
------------ 724,216,457 527,793,743 196,422,714 37% ============
============ ============ LIABILITIES AND STOCKHOLDER EQUITY Demand
deposits 147,656,572 126,475,079 21,181,493 17% Interest bearing
deposits 496,117,418 325,883,728 170,233,690 52% ------------
------------ ------------ Total deposits 643,773,990 452,358,807
191,415,183 42% FHLB advances 0 20,000,000 (20,000,000) (100%)
Junior subordinated debt securities 20,620,000 12,372,000 8,248,000
67% Other liabilities 9,338,684 6,152,543 3,186,141 52%
------------ ------------ ------------ Total liabilities
673,732,674 490,883,350 182,849,324 37% Stockholder's equity
50,483,783 36,910,393 13,573,390 37% ------------ ------------
------------ 724,216,457 527,793,743 196,422,714 37% ============
============ ============ 3 Mos. 3 Mos. 6 Mos. 6 Mos. Ended Ended
Ended Ended June 30, June 30, June 30, June 30, 2005 2004 2005 2004
----------- ---------- ----------- ----------- Interest income
13,454,394 7,790,647 24,864,938 14,607,274 Interest expense
3,179,129 1,375,641 5,557,437 2,618,204 ----------- ----------
----------- ----------- Net interest income 10,275,265 6,415,006
19,307,501 11,989,070 Provision for loan losses 804,100 250,000
1,642,900 750,000 Other income 7,464,814 6,726,899 13,248,310
13,454,688 Other expense 10,180,120 8,407,711 19,016,812 15,852,319
----------- ---------- ----------- ----------- Earnings before
income taxes 6,755,859 4,484,194 11,896,099 8,841,439 Income taxes
2,812,818 1,837,568 4,951,378 3,622,664 ----------- ----------
----------- ----------- Net earnings 3,943,041 2,646,626 6,944,721
5,218,775 =========== ========== =========== =========== Actual
common shares outstanding at end of period 8,865,447 8,608,538
8,865,447 8,608,538 Average common shares outstanding 8,828,292
8,393,061 8,808,055 8,315,418 Average common shares &
equivalents outstanding 9,528,263 9,309,436 9,515,624 9,272,054
Basic earnings per share 0.45 0.32 0.79 0.63 Diluted earnings per
share 0.41 0.28 0.73 0.56 Return on average assets (annualized)
2.28% 2.16% 2.10% 2.23% Return on average equity (annualized)
32.87% 30.60% 30.10% 31.79% Efficiency ratio 57.38% 63.98% 58.41%
62.30% 6/30/2005 6/30/2004 ----------- ---------- Tier 1 leverage
capital ratio 9.54% 9.78% Tier 1 risk-based capital ratio 9.40%
9.91% Total risk-based capital ratio 11.08% 10.74% Allowance for
loan losses as a % of total loans 1.25% 0.90% Gross nonperforming
assets as a % of total assets 1.35% 1.46% Net nonperforming assets
as a % of total assets 0.45% 0.31% Net chargeoffs (annualized) as a
% of total loans 0.05% 0.14% Loan to deposit ratio 97.58% 99.09%
Book value per share 5.69 4.29 PAST DUE AND NON- ACCRUAL LOANS
----------------------- ----------------------------------- Gross
Government Net Balance Balance Guaranty
----------------------------------- June 30, 2005
----------------------- 30 - 89 days past due 149,793 0 149,793
=========== =========== =========== 90+ days past due and accruing
263,218 (244,753) 18,465 Non-accrual 9,474,790 (6,244,901)
3,229,889 Other real estate owned (REO) 0 0 0 -----------
----------- ----------- Total non- performing assets 9,738,008
(6,489,654) 3,248,354 =========== =========== =========== June 30,
2004 ----------------------- 30 - 89 days past due 247,122
(123,052) 124,070 =========== =========== =========== 90+ days past
due and accruing 0 0 0 Non-accrual 6,290,495 (5,006,792) 1,283,703
Other real estate owned (REO) 1,410,000 (1,057,500) 352,500
----------- ----------- ----------- Total non- performing assets
7,700,495 (6,064,292) 1,636,203 =========== =========== ===========
NET LOAN CHARGEOFFS ----------------------- 3 Mos. 3 Mos. 6 Mos. 6
Mos. Ended Ended Ended Ended June 30, June 30, June 30, June 30,
2005 2004 2005 2004 ----------- ----------- ----------- ----------
Chargeoffs 145,137 70,692 404,825 321,081 Recoveries (133,834)
(4,600) (238,570) (6,953) ----------- ----------- -----------
---------- Net Chargeoffs 11,303 66,092 166,255 314,128 ===========
=========== =========== ========== *T
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